Crypto Analyst Who Predicted 2022 Bitcoin Meltdown Says BTC Has Reached A 'Local Bottom'

Bitcoin BTC/USD closed around $20,000 on Saturday, and on Sunday, the cryptocurrency dropped 1.55% to $19,708. BTC is down 58.9% from the year's high of $48,234 on March 28. 

The macroeconomic warnings from Goldman Sachs and Fed's approach to interest rate hikes have played a significant role in determining Bitcoin's price trends. 

What Happened: The pseudonymous crypto analyst Capo has predicted that the overall cryptocurrency market will see a downfall, and accurately mentioned Bitcoin's crash this year. 

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He said that BTC was able to maintain a local bottom due to selling volume dying off. 

According to him, the short-term prediction for an imminent Bitcoin rally looks good, which will be followed by a steep correction after the cryptocurrency meets resistance at $23,000.

Earlier in August, Capo predicted that Bitcoin would fall to new lows soon.